Western Union Tests XRP For Cross Border Payments
Ripple has been making increased efforts to boost the XRP ecosystem and also to push the mainstream adoption of the coin.
When it’s been highlighted that XRP was one of the poorest performing digital assets in 2019, Ripple’s Brad Garlinghouse said that the asset’s price is not what matters the most.
Ripple CEO highlighted that there are more important elements surrounding a project,, such as adoption and use cases, and Ripple has been working on these aspects regarding XRP.
Western Union is testing XRP
Western Union is still testing Ripple’s XRP.
According to a 2020 research report coming from Credit Suisse, Western Union is analyzing how the tech can boost the speed and lower the cost of international payments.
It’s been revealed that experts at Western Union are testing and considering the use of Ripple (XRP) for cross-border [payments]” despite the fact that the company was “initially less bullish” on the technology.
Back in June 2019, CEO Hikmet Ersek said that the company’s trials with XRP showed that using cryptos was five times more expensive compared to Western Union’s internal system.
It’s important to note that after that, in 2019, the company’s general manager of Asia Pacific, Molly Shea, said the company would definitely start using cryptos if they are set to become the new trend in international payments.
Western Union questions mass adoption of crypto
“When you think about cryptocurrencies, if those start to take off, we need to be ready. We need to be ready from a technology perspective,” she said.
She continued and explained back then that “we’ve got to be ready from – regulatory has to be there – but we constantly have to be looking for those trends where customers are looking and make sure that you’re ready to meet those needs and expectations.”
The online publication the Daily Hodl noted that the Credit Suisse report was highlighting that the crypto assets are “unlikely to gain consumer-to-business payments adoption at least for the medium term.”
Nonetheless, Western Union continues to test XRP.
We recommend that you check out the complete report.
Garlinghouse is both the CEO and Chairman of Ripple Labs. This year, Ripple surpassed 300 partners, including over 115 banks worldwide. Having launched On-Demand Liquidity (ODL) for cross-border payments, Ripple now has more than 20 partners using XRP for ODL, including Moneygram, Western Union, and American Express.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.